Capitaland: Profits for 3Q were down 43.3% at 159.6m compared to 3Q09, which was largely due to revenue falling 34.6% at 684.6m. DB maintains Buy raising TP to $4.90 from $4.84 pegged at parity to RNAV. Excluding $74m in divestment gains from Starhub Ctr and Sichuan Zhixin, core earnings of $85m were still above expectations...
Decrease in revenue was due to divestment of Clarke Quay and 3 malls in Msia and lower revenue recognition in Sg and China. Valuations now undemanding at RNAV now trading at 21% discount. NAV now at $3.17…
Has plans to allocate $300-500m to a new business unit CapitaValue Homes to develop affordable housing in China and Vietnam. 2 sites have been identified, one in Wuhan, China approx 90sqm, S$970-S$1,358per sqm and the second in Ho Chi Minh, Vietnam, a 70% stake of the S$40m project…
US investor group New Cotai is suing its JV partner East Asia Satellite Television (East Asia) to force East Asia to transfer the 60% interest it has in Macau Studio City at a price determined by the courts. East Asia is made up of Capitaland and e-Sun. Capland invested $132m for a 20% stake in the project and has a put option which would allow it to exit its partnership with e-Sun without significant losses after it comes into effect.
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